Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 77.0 +.25 basis point. 
• Asia Pacific Sovereign CDS Index 12.25 -.25 basis point.
• Bloomberg Emerging Markets Currency Index 71.02 -.02%.
• FTSE 100 futures +.20%.
• S&P 500 futures +.15%.
• NASDAQ 100 futures +.12%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (ANF)/-.77
• (BIG)/1.18

After the Close:

• None of note

Economic Releases
8:30 am EST

• The Change in Non-Farm Payrolls for May is estimated at 190K versus 164K in April.
• The Unemployment Rate for May is estimated at 3.9% versus 3.9% in April.
• Average Hourly Earnings MoM for May is estimated to rise +.2% versus a +.1% gain in April.

10:00 am EST

• Construction Spending MoM for April is estimated to rise +.8% versus a -1.7% decline in March. 
• ISM Manufacturing for May is estimated to rise to 58.2 versus 57.3 in April.
• ISM Prices Paid for May is estimated to fall to 78.0 versus 79.3 in April.

Afternoon:

• Wards Total Vehicle Sales for May is estimated to fall to 16.7M versus 17.07M in April.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone PMI/GDP reports, China Manufacturing PMI report, ASCO 2018, (F) May sales conference call and the (MXIM) business update could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 50% net long heading into the day.